Which of the following statements regarding U.S. economic growth is NOT correct?
A) Over the past 100 years, on the average real GDP per person grew 2 percent a year.
B) The average annual growth rate of real GDP per person in the United States was rapid during World War II.
C) In the 1930s, real GDP fell well below its trend.
D) The growth rate of real GDP per person accelerated between 1973 to 1984.
D
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According to Keynesian theory, the profit-maximizing firm demands labor up to the point at which
a. the real wage is equal to the marginal productivity of labor. b. the money wage paid to labor is just equal to the money value of the marginal product of labor. c. labor and capital costs are equal. d. a and/or b are correct.
A potential cause of stagflation is:
A. Agricultural surpluses B. Declining productivity C. Improving labor productivity D. A rise in the value of the dollar